81_FR_91462 81 FR 91220 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Commentary .02 to Rule 6.72

81 FR 91220 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Commentary .02 to Rule 6.72

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 242 (December 16, 2016)

Page Range91220-91221
FR Document2016-30252

Federal Register, Volume 81 Issue 242 (Friday, December 16, 2016)
[Federal Register Volume 81, Number 242 (Friday, December 16, 2016)]
[Notices]
[Pages 91220-91221]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-30252]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79524; File No. SR-NYSEArca-2016-156]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change To Amend Commentary 
.02 to Rule 6.72

December 12, 2016.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby 
given that, on November 28, 2016, NYSE Arca, Inc. (the ``Exchange'' or 
``NYSE Arca'') filed with the Securities and Exchange Commission (the 
``Commission'') the proposed rule change as described in Items I, II, 
and III below, which Items have been prepared by the self-regulatory 
organization. The Commission is publishing this notice to solicit 
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend Commentary .02 to Rule 6.72 in order 
to extend the Penny Pilot in options classes in certain issues (``Pilot 
Program'' or ``Pilot'') previously approved by the Securities and 
Exchange Commission (``Commission'') through June 30, 2017. The Pilot 
Program is currently scheduled to expire on December 31, 2016. The 
proposed rule change is available on the Exchange's Web site at 
www.nyse.com, at the principal office of the Exchange, and at the 
Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the self-regulatory organization 
included statements concerning the purpose of, and basis for, the 
proposed rule change and discussed any comments it received on the 
proposed rule change. The text of those statements may be examined at 
the places specified in Item IV below. The Exchange has prepared 
summaries, set forth in sections A, B, and C below, of the most 
significant parts of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to extend the Pilot Program,\4\ which is 
currently scheduled to expire on December 31, 2016, until June 30, 
2017.\5\ The Exchange believes that extending the Pilot would allow for 
further analysis of the Pilot Program and a determination of how the 
Pilot Program should be structured in the future.
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 34-55156 (January 
23, 2007), 72 FR 4759 (February 1, 2007) (SR-NYSEArca-2006-73) 
(original approval of Pilot). The Pilot has been extended several 
times since the original approval, the most recent extension was 
obtained in earlier this year. See Securities Exchange Act Release 
No. 78174 (June 28, 2016), 81 FR 43332 (July 1, 2016) (SR-NYSEArca-
2016-88) (most recent extension of the Pilot until December 31, 
2016).
    \5\ See proposed Commentary .02 to Rule 6.72.
---------------------------------------------------------------------------

    During this extension of the Pilot, as is the case today, the 
Exchange may replace any option class that is currently included in the 
Pilot Program and that has been delisted with the next most actively 
traded, multiply listed option class that is not yet participating in 
the Pilot Program (``replacement class''). In light of the extension, 
the Exchange also proposes that any replacement class would be 
determined based on national average daily volume in the preceding six 
months, and would be added on the second trading day following January 
1, 2017.\6\
---------------------------------------------------------------------------

    \6\ See id. The month immediately preceding a replacement 
class's addition to the Pilot Program (i.e., December) would not be 
used for purposes of the analysis for determining the replacement 
class. Thus, a replacement class to be added on the second trading 
day following January 1, 2017 would be identified based on The 
Option Clearing Corporation's trading volume data from June 1, 2016 
through November 30, 2016. The Exchange will announce the 
replacement issues to the Exchange's membership through a Trader 
Update.
---------------------------------------------------------------------------

    This filing does not propose any substantive changes to the Pilot 
Program: All classes currently participating will remain the same and 
all minimum increments will remain unchanged. The Exchange believes the 
benefits to public customers and other market participants who will be 
able to express their true prices to buy and sell options have been 
demonstrated to outweigh the increase in quote traffic.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) \7\ of the 
Securities Exchange Act of 1934 (the ``Act''), in general, and furthers 
the objectives of Section 6(b)(5),\8\ in particular, in that it is 
designed to prevent fraudulent and manipulative acts and practices, to 
promote just and equitable principles of trade, to foster cooperation 
and coordination with persons engaged in facilitating transactions in 
securities, and to remove impediments to and perfect the mechanisms of 
a free and open market and a national market system.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    In particular, the proposed rule change, which extends the Penny 
Pilot Program for six months, allows the Exchange to continue to 
participate in a program that has been viewed as beneficial to traders, 
investors and public customers and viewed as successful by the other 
options exchanges participating in it. Accordingly, the Exchange 
believes that the proposal is consistent with the Act because it would 
allow the Exchange to extend the Pilot Program prior to its expiration 
on December 31, 2016. The Exchange notes that this proposal does not 
propose any new policies or provisions that are unique or unproven, but 
instead relates to the continuation of an existing program that 
operates on a pilot basis.
    The Exchange believes that the Pilot Program promotes just and 
equitable principles of trade by enabling public customers and other 
market participants to express their true prices to buy and sell 
options to the benefit of all market participants.
    The proposal to extend the Pilot Program is designed to promote 
just and equitable principles of trade, to foster cooperation and 
coordination with persons engaged in facilitating transactions in 
securities, and to remove

[[Page 91221]]

impediments to and perfect the mechanisms of a free and open market and 
a national market system, by allowing the Exchange and the Commission 
additional time to analyze the impact of the Pilot Program while also 
allowing the Exchange to continue to compete for order flow with other 
exchanges in option issues trading as part of the Pilot Program.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change would 
impose any burden on competition that is not necessary or appropriate 
in furtherance of the purposes of the Act. Specifically, the Exchange 
believes that, by extending the expiration of the Pilot Program, the 
proposed rule change would allow for further analysis of the Pilot 
Program and a determination of how the Program should be structured in 
the future. In doing so, the proposed rule change would also serve to 
promote regulatory clarity and consistency, thereby reducing burdens on 
the marketplace and facilitating investor protection. The Pilot Program 
is an industry-wide initiative supported by all other option exchanges. 
The Exchange believes that extending the Pilot Program would allow for 
continued competition between Exchange market participants trading 
similar products as their counterparts on other exchanges, while at the 
same time allowing the Exchange to continue to compete for order flow 
with other exchanges in option issues trading as part of the Pilot 
Program.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    No written comments were solicited or received with respect to the 
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The Exchange has filed the proposed rule change pursuant to Section 
19(b)(3)(A)(iii) of the Act \9\ and Rule 19b-4(f)(6) thereunder.\10\ 
Because the proposed rule change does not: (i) Significantly affect the 
protection of investors or the public interest; (ii) impose any 
significant burden on competition; and (iii) become operative prior to 
30 days from the date on which it was filed, or such shorter time as 
the Commission may designate if consistent with the protection of 
investors and the public interest, the proposed rule change has become 
effective pursuant to Section 19(b)(3)(A) of the Act \11\ and Rule 19b-
4(f)(6)(iii) thereunder.\12\
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \10\ 17 CFR 240.19b-4(f)(6).
    \11\ 15 U.S.C. 78s(b)(3)(A).
    \12\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires the Exchange to give the Commission written notice of the 
Exchange's intent to file the proposed rule change along with a 
brief description and the text of the proposed rule change, at least 
five business days prior to the date of filing of the proposed rule 
change, or such shorter time as designated by the Commission. The 
Exchange has satisfied this pre-filing requirement.
---------------------------------------------------------------------------

    At any time within 60 days of the filing of such proposed rule 
change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Act. If the Commission 
takes such action, the Commission shall institute proceedings under 
Section 19(b)(2)(B) \13\ of the Act to determine whether the proposed 
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \13\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-NYSEArca-2016-156 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSEArca-2016-156. This 
file number should be included on the subject line if email is used. To 
help the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all 
written statements with respect to the proposed rule change that are 
filed with the Commission, and all written communications relating to 
the proposed rule change between the Commission and any person, other 
than those that may be withheld from the public in accordance with the 
provisions of 5 U.S.C. 552, will be available for Web site viewing and 
printing in the Commission's Public Reference Section, 100 F Street 
NE., Washington, DC 20549-1090 on official business days between the 
hours of 10:00 a.m. and 3:00 p.m. Copies of the filing also will be 
available for inspection and copying at the principal office of the 
Exchange. All comments received will be posted without change; the 
Commission does not edit personal identifying information from 
submissions. You should submit only information that you wish to make 
available publicly. All submissions should refer to File Number SR-
NYSEArca-2016-156 and should be submitted on or before January 6, 2017.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\14\
---------------------------------------------------------------------------

    \14\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2016-30252 Filed 12-15-16; 8:45 am]
 BILLING CODE 8011-01-P



                                                  91220                          Federal Register / Vol. 81, No. 242 / Friday, December 16, 2016 / Notices

                                                  Reference Room, 100 F Street NE.,                       Program is currently scheduled to                         This filing does not propose any
                                                  Washington, DC 20549, on official                       expire on December 31, 2016. The                       substantive changes to the Pilot
                                                  business days between the hours of                      proposed rule change is available on the               Program: All classes currently
                                                  10:00 a.m. and 3:00 p.m. Copies of the                  Exchange’s Web site at www.nyse.com,                   participating will remain the same and
                                                  filing also will be available for                       at the principal office of the Exchange,               all minimum increments will remain
                                                  inspection and copying at the principal                 and at the Commission’s Public                         unchanged. The Exchange believes the
                                                  office of the Exchange. All comments                    Reference Room.                                        benefits to public customers and other
                                                  received will be posted without change;                                                                        market participants who will be able to
                                                  the Commission does not edit personal                   II. Self-Regulatory Organization’s                     express their true prices to buy and sell
                                                  identifying information from                            Statement of the Purpose of, and                       options have been demonstrated to
                                                  submissions. You should submit only                     Statutory Basis for, the Proposed Rule                 outweigh the increase in quote traffic.
                                                  information that you wish to make                       Change
                                                                                                             In its filing with the Commission, the              2. Statutory Basis
                                                  available publicly. All submissions
                                                  should refer to File Number SR–                         self-regulatory organization included                     The proposed rule change is
                                                  NASDAQ–2016–166 and should be                           statements concerning the purpose of,                  consistent with Section 6(b) 7 of the
                                                  submitted on or before January 6, 2017.                 and basis for, the proposed rule change                Securities Exchange Act of 1934 (the
                                                                                                          and discussed any comments it received                 ‘‘Act’’), in general, and furthers the
                                                    For the Commission, by the Division of
                                                  Trading and Markets, pursuant to delegated              on the proposed rule change. The text                  objectives of Section 6(b)(5),8 in
                                                  authority.23                                            of those statements may be examined at                 particular, in that it is designed to
                                                  Eduardo A. Aleman,                                      the places specified in Item IV below.                 prevent fraudulent and manipulative
                                                  Assistant Secretary.                                    The Exchange has prepared summaries,                   acts and practices, to promote just and
                                                                                                          set forth in sections A, B, and C below,               equitable principles of trade, to foster
                                                  [FR Doc. 2016–30259 Filed 12–15–16; 8:45 am]
                                                                                                          of the most significant parts of such                  cooperation and coordination with
                                                  BILLING CODE 8011–01–P
                                                                                                          statements.                                            persons engaged in facilitating
                                                                                                                                                                 transactions in securities, and to remove
                                                                                                          A. Self-Regulatory Organization’s                      impediments to and perfect the
                                                  SECURITIES AND EXCHANGE                                 Statement of the Purpose of, and the
                                                  COMMISSION                                                                                                     mechanisms of a free and open market
                                                                                                          Statutory Basis for, the Proposed Rule                 and a national market system.
                                                  [Release No. 34–79524; File No. SR–                     Change                                                    In particular, the proposed rule
                                                  NYSEArca–2016–156]                                                                                             change, which extends the Penny Pilot
                                                                                                          1. Purpose
                                                                                                                                                                 Program for six months, allows the
                                                  Self-Regulatory Organizations; NYSE                        The Exchange proposes to extend the
                                                                                                                                                                 Exchange to continue to participate in a
                                                  Arca, Inc.; Notice of Filing and                        Pilot Program,4 which is currently
                                                                                                                                                                 program that has been viewed as
                                                  Immediate Effectiveness of Proposed                     scheduled to expire on December 31,                    beneficial to traders, investors and
                                                  Rule Change To Amend Commentary                         2016, until June 30, 2017.5 The                        public customers and viewed as
                                                  .02 to Rule 6.72                                        Exchange believes that extending the                   successful by the other options
                                                                                                          Pilot would allow for further analysis of              exchanges participating in it.
                                                  December 12, 2016.
                                                                                                          the Pilot Program and a determination                  Accordingly, the Exchange believes that
                                                     Pursuant to Section 19(b)(1) 1 of the                of how the Pilot Program should be
                                                  Securities Exchange Act of 1934 (the                                                                           the proposal is consistent with the Act
                                                                                                          structured in the future.                              because it would allow the Exchange to
                                                  ‘‘Act’’) 2 and Rule 19b–4 thereunder,3                     During this extension of the Pilot, as
                                                  notice is hereby given that, on                                                                                extend the Pilot Program prior to its
                                                                                                          is the case today, the Exchange may
                                                  November 28, 2016, NYSE Arca, Inc.                                                                             expiration on December 31, 2016. The
                                                                                                          replace any option class that is currently
                                                  (the ‘‘Exchange’’ or ‘‘NYSE Arca’’) filed                                                                      Exchange notes that this proposal does
                                                                                                          included in the Pilot Program and that
                                                  with the Securities and Exchange                                                                               not propose any new policies or
                                                                                                          has been delisted with the next most
                                                  Commission (the ‘‘Commission’’) the                                                                            provisions that are unique or unproven,
                                                                                                          actively traded, multiply listed option
                                                  proposed rule change as described in                                                                           but instead relates to the continuation of
                                                                                                          class that is not yet participating in the
                                                  Items I, II, and III below, which Items                                                                        an existing program that operates on a
                                                                                                          Pilot Program (‘‘replacement class’’). In
                                                  have been prepared by the self-                                                                                pilot basis.
                                                                                                          light of the extension, the Exchange also                 The Exchange believes that the Pilot
                                                  regulatory organization. The                            proposes that any replacement class
                                                  Commission is publishing this notice to                                                                        Program promotes just and equitable
                                                                                                          would be determined based on national                  principles of trade by enabling public
                                                  solicit comments on the proposed rule                   average daily volume in the preceding
                                                  change from interested persons.                                                                                customers and other market participants
                                                                                                          six months, and would be added on the                  to express their true prices to buy and
                                                  I. Self-Regulatory Organization’s                       second trading day following January 1,                sell options to the benefit of all market
                                                  Statement of the Terms of Substance of                  2017.6                                                 participants.
                                                  the Proposed Rule Change                                                                                          The proposal to extend the Pilot
                                                                                                             4 See Securities Exchange Act Release No. 34–
                                                     The Exchange proposes to amend                       55156 (January 23, 2007), 72 FR 4759 (February 1,      Program is designed to promote just and
                                                  Commentary .02 to Rule 6.72 in order to                 2007) (SR–NYSEArca–2006–73) (original approval         equitable principles of trade, to foster
                                                  extend the Penny Pilot in options                       of Pilot). The Pilot has been extended several times   cooperation and coordination with
                                                                                                          since the original approval, the most recent           persons engaged in facilitating
                                                  classes in certain issues (‘‘Pilot                      extension was obtained in earlier this year. See
                                                  Program’’ or ‘‘Pilot’’) previously                      Securities Exchange Act Release No. 78174 (June        transactions in securities, and to remove
mstockstill on DSK3G9T082PROD with NOTICES




                                                  approved by the Securities and                          28, 2016), 81 FR 43332 (July 1, 2016) (SR–
                                                  Exchange Commission (‘‘Commission’’)                    NYSEArca–2016–88) (most recent extension of the        second trading day following January 1, 2017 would
                                                                                                          Pilot until December 31, 2016).                        be identified based on The Option Clearing
                                                  through June 30, 2017. The Pilot                           5 See proposed Commentary .02 to Rule 6.72.         Corporation’s trading volume data from June 1,
                                                                                                             6 See id. The month immediately preceding a         2016 through November 30, 2016. The Exchange
                                                    23 17 CFR 200.30–3(a)(12).                            replacement class’s addition to the Pilot Program      will announce the replacement issues to the
                                                    1 15 U.S.C. 78s(b)(1).                                                                                       Exchange’s membership through a Trader Update.
                                                                                                          (i.e., December) would not be used for purposes of
                                                    2 15 U.S.C. 78a.                                                                                               7 15 U.S.C. 78f(b).
                                                                                                          the analysis for determining the replacement class.
                                                    3 17 CFR 240.19b–4.                                   Thus, a replacement class to be added on the             8 15 U.S.C. 78f(b)(5).




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                                                                                 Federal Register / Vol. 81, No. 242 / Friday, December 16, 2016 / Notices                                                91221

                                                  impediments to and perfect the                           public interest, the proposed rule                      proposed rule change between the
                                                  mechanisms of a free and open market                     change has become effective pursuant to                 Commission and any person, other than
                                                  and a national market system, by                         Section 19(b)(3)(A) of the Act 11 and                   those that may be withheld from the
                                                  allowing the Exchange and the                            Rule 19b–4(f)(6)(iii) thereunder.12                     public in accordance with the
                                                  Commission additional time to analyze                       At any time within 60 days of the                    provisions of 5 U.S.C. 552, will be
                                                  the impact of the Pilot Program while                    filing of such proposed rule change, the                available for Web site viewing and
                                                  also allowing the Exchange to continue                   Commission summarily may                                printing in the Commission’s Public
                                                  to compete for order flow with other                     temporarily suspend such rule change if                 Reference Section, 100 F Street NE.,
                                                  exchanges in option issues trading as                    it appears to the Commission that such                  Washington, DC 20549–1090 on official
                                                  part of the Pilot Program.                               action is necessary or appropriate in the               business days between the hours of
                                                                                                           public interest, for the protection of                  10:00 a.m. and 3:00 p.m. Copies of the
                                                  B. Self-Regulatory Organization’s                        investors, or otherwise in furtherance of               filing also will be available for
                                                  Statement on Burden on Competition                       the purposes of the Act. If the                         inspection and copying at the principal
                                                     The Exchange does not believe that                    Commission takes such action, the                       office of the Exchange. All comments
                                                  the proposed rule change would impose                    Commission shall institute proceedings                  received will be posted without change;
                                                  any burden on competition that is not                    under Section 19(b)(2)(B) 13 of the Act to              the Commission does not edit personal
                                                  necessary or appropriate in furtherance                  determine whether the proposed rule                     identifying information from
                                                  of the purposes of the Act. Specifically,                change should be approved or                            submissions. You should submit only
                                                  the Exchange believes that, by extending                 disapproved.                                            information that you wish to make
                                                  the expiration of the Pilot Program, the                                                                         available publicly. All submissions
                                                                                                           IV. Solicitation of Comments
                                                  proposed rule change would allow for                                                                             should refer to File Number SR–
                                                  further analysis of the Pilot Program and                  Interested persons are invited to                     NYSEArca–2016–156 and should be
                                                  a determination of how the Program                       submit written data, views, and                         submitted on or before January 6, 2017.
                                                  should be structured in the future. In                   arguments concerning the foregoing,
                                                                                                                                                                     For the Commission, by the Division of
                                                  doing so, the proposed rule change                       including whether the proposed rule                     Trading and Markets, pursuant to delegated
                                                  would also serve to promote regulatory                   change is consistent with the Act.                      authority.14
                                                  clarity and consistency, thereby                         Comments may be submitted by any of                     Eduardo A. Aleman,
                                                  reducing burdens on the marketplace                      the following methods:
                                                                                                                                                                   Assistant Secretary.
                                                  and facilitating investor protection. The                Electronic Comments                                     [FR Doc. 2016–30252 Filed 12–15–16; 8:45 am]
                                                  Pilot Program is an industry-wide
                                                                                                             • Use the Commission’s Internet                       BILLING CODE 8011–01–P
                                                  initiative supported by all other option
                                                                                                           comment form (http://www.sec.gov/
                                                  exchanges. The Exchange believes that
                                                                                                           rules/sro.shtml); or
                                                  extending the Pilot Program would                          • Send an email to rule-                              SECURITIES AND EXCHANGE
                                                  allow for continued competition                          comments@sec.gov. Please include File                   COMMISSION
                                                  between Exchange market participants                     Number SR–NYSEArca–2016–156 on
                                                  trading similar products as their                                                                                [Release No. 34–79530; File No. SR–ISE–
                                                                                                           the subject line.                                       2016–29]
                                                  counterparts on other exchanges, while
                                                  at the same time allowing the Exchange                   Paper Comments                                          Self-Regulatory Organizations;
                                                  to continue to compete for order flow                       • Send paper comments in triplicate                  International Securities Exchange,
                                                  with other exchanges in option issues                    to Secretary, Securities and Exchange                   LLC; Notice of Filing of Proposed Rule
                                                  trading as part of the Pilot Program.                    Commission, 100 F Street NE.,                           Change To Amend ISE Rule 723 and To
                                                  C. Self-Regulatory Organization’s                        Washington, DC 20549–1090.                              Make Pilot Program Permanent
                                                  Statement on Comments on the                             All submissions should refer to File
                                                                                                                                                                   December 12, 2016.
                                                  Proposed Rule Change Received From                       Number SR–NYSEArca–2016–156. This
                                                                                                           file number should be included on the                      Pursuant to Section 19(b)(1) of the
                                                  Members, Participants, or Others                                                                                 Securities Exchange Act of 1934 (the
                                                                                                           subject line if email is used. To help the
                                                    No written comments were solicited                                                                             ‘‘Act’’),1 and Rule 19b–4 thereunder,2
                                                                                                           Commission process and review your
                                                  or received with respect to the proposed                                                                         notice is hereby given that on December
                                                                                                           comments more efficiently, please use
                                                  rule change.                                                                                                     12, 2016, the International Securities
                                                                                                           only one method. The Commission will
                                                  III. Date of Effectiveness of the                        post all comments on the Commission’s                   Exchange, LLC (the ‘‘Exchange’’ or the
                                                  Proposed Rule Change and Timing for                      Internet Web site (http://www.sec.gov/                  ‘‘ISE’’) filed with the Securities and
                                                  Commission Action                                        rules/sro.shtml). Copies of the                         Exchange Commission (‘‘Commission’’)
                                                                                                           submission, all subsequent                              the proposed rule change as described
                                                     The Exchange has filed the proposed                                                                           in Items I, II, and III below, which Items
                                                  rule change pursuant to Section                          amendments, all written statements
                                                                                                           with respect to the proposed rule                       have been prepared by the Exchange.
                                                  19(b)(3)(A)(iii) of the Act 9 and Rule                                                                           The Commission is publishing this
                                                  19b–4(f)(6) thereunder.10 Because the                    change that are filed with the
                                                                                                           Commission, and all written                             notice to solicit comments on the
                                                  proposed rule change does not: (i)                                                                               proposed rule change from interested
                                                  Significantly affect the protection of                   communications relating to the
                                                                                                                                                                   persons.
                                                  investors or the public interest; (ii)
                                                  impose any significant burden on
                                                                                                             11 15  U.S.C. 78s(b)(3)(A).                           I. Self-Regulatory Organization’s
                                                                                                             12 17  CFR 240.19b–4(f)(6). In addition, Rule 19b–    Statement of the Terms of Substance of
mstockstill on DSK3G9T082PROD with NOTICES




                                                  competition; and (iii) become operative                  4(f)(6)(iii) requires the Exchange to give the
                                                  prior to 30 days from the date on which                  Commission written notice of the Exchange’s intent
                                                                                                                                                                   the Proposed Rule Change
                                                  it was filed, or such shorter time as the                to file the proposed rule change along with a brief        The Exchange proposes to amend ISE
                                                  Commission may designate if consistent                   description and the text of the proposed rule
                                                                                                           change, at least five business days prior to the date
                                                                                                                                                                   Rule 723, concerning its Price
                                                  with the protection of investors and the                 of filing of the proposed rule change, or such
                                                                                                                                                                     14 17 CFR 200.30–3(a)(12).
                                                                                                           shorter time as designated by the Commission. The
                                                    9 15 U.S.C. 78s(b)(3)(A)(iii).                         Exchange has satisfied this pre-filing requirement.       1 15 U.S.C. 78s(b)(1).
                                                    10 17 CFR 240.19b–4(f)(6).                               13 15 U.S.C. 78s(b)(2)(B).                              2 17 CFR 240.19b–4.




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Document Created: 2018-02-14 09:07:07
Document Modified: 2018-02-14 09:07:07
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation81 FR 91220 

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